Home ownership is a central element of Australian culture, representing stability, financial investment, and a sense of belonging. However, shifts in the economy, demographics, and housing policy have transformed home ownership trends over the years. In 2024, new statistics provide a clearer picture of how Australians are navigating the challenges and opportunities in today’s housing market. In this article we will take a detailed look at the latest data on home ownership in Australia, starting with the most interesting statistics.
Top Home Ownership Statistics for 2024
- Home Ownership Rate: In 2024, approximately 66% of Australian households own their homes, marking a gradual decline over past decades.[1]
- Young Adults' Home Ownership: Only 36% of Australians aged 25–29 own a home, and the rate is 50% for those aged 30–34, highlighting affordability challenges for younger generations.[3]
- Housing Stress: Nearly half (47%) of Australian homeowners report struggling to meet mortgage payments as of November 2024.[4]
- Regional Ownership Variance: Western Australia has the highest home ownership rate at 69.3%, while the Northern Territory has the lowest at 59%.[5]
- Indigenous Ownership Progress: Indigenous home ownership has risen to 42% in 2021, up from 25% in 1981, showing significant improvement over the years.[3]
National Home Ownership Rates
As of 2024, 66% of Australian households own their homes, continuing a slow but steady decline observed over the past few decades.[1] This rate highlights the challenges many Australians face in achieving home ownership amidst rising property prices and changing economic conditions.
Outright home ownership, meaning homes that are fully paid off, accounts for 30% of households. This figure has decreased significantly from 39% in 1999–2000, indicating that fewer Australians are reaching full ownership in later years.[1]
Meanwhile, 36% of households have a mortgage, reflecting the financial commitments required to enter and remain in the property market.[1] Rising interest rates and property prices contribute to longer loan terms, meaning Australians are taking longer to pay off their mortgages.
Rental Market Dynamics
The rental market also paints a complex picture. Approximately 31% of households are renters, a number that has remained stable in recent years but with notable shifts in rental types.[1] A significant 26% of households rent from private landlords, a proportion that has grown as private rental options expand.[1] Conversely, state or territory housing rentals have declined to just 3%, suggesting limited growth in public housing availability.[1]
These figures reflect a competitive rental market where demand often outpaces supply, leading to increased housing costs for renters. Rent has increased substantially in 2024, with the median across Australian capital cities sitting at $650 per week for houses and $630 for units.[8]
This is a substantial amount of the median Australian weekly salary, accounting for over 33% of salary across capital cities, and nearly reaching 40% for Sydneysiders, as shown in the table below.[9]
Median Rental (Houses)
Header | Median Rent | % of Salary |
|---|---|---|
Sydney (NSW) | $750 | 39.65% |
Melbourne (VIC) | $580 | 31.21% |
Brisbane (QLD) | $630 | 34.15% |
Perth (WA) | $650 | 30.84% |
Adelaide (SA) | $595 | 34.29% |
Hobart (TAS) | $540 | 32.34% |
Darwin (NT) | $660 | 36.01% |
Canberra (ACT) | $690 | 33.05% |
Combined | $650 | 34.41% |
Median Rental (Units)
Header | Median Rent | % of Salary |
|---|---|---|
Sydney (NSW) | $720 | 38.07% |
Melbourne (VIC) | $550 | 29.60% |
Brisbane (QLD) | $600 | 32.53% |
Perth (WA) | $550 | 26.09% |
Adelaide (SA) | $480 | 27.66% |
Hobart (TAS) | $460 | 27.54% |
Darwin (NT) | $530 | 28.92% |
Canberra (ACT) | $560 | 26.83% |
Combined | $630 | 33.35% |
First-Home Buyers and Housing Costs
The road to first-time home ownership has become increasingly challenging. In September 2024, the number of first-home buyer loans fell by 3.2% from the previous month, totalling 9,686 loans.[2] This reduction highlights the impact of housing affordability issues and high property prices, which make it difficult for many Australians to enter the market.
Median home prices in Australia have reached $809,000 as of November 2024 [7], reflecting a 5.62% annual increase.[2] Rising property values, while beneficial for existing homeowners, present significant barriers for prospective buyers.
From the graph below, you can see how the median price of homes has risen in just a 6-month period, from December 2023 to June 2024.
The housing affordability ratio illustrates these challenges. Homeowners with a mortgage spend 15.5% of their gross household income on housing costs, while renters allocate a higher 20.2% of their income to housing.[1]
Home Ownership Across Age Groups
Home ownership has declined across all age brackets, but young adults are particularly affected. Among Australians aged 25–29, home ownership rates have fallen to 36%, and among those aged 30–34, the rate is 50%.[3] These trends underscore the affordability challenges faced by younger Australians, many of whom delay buying homes due to economic uncertainty, career demands, or lifestyle choices.
From the graph below, you can see how significantly the percentage of homeownership has decreased for each age group over time.
Indigenous Home Ownership
There has been progress in Indigenous home ownership over the years. In 2021, 42% of Aboriginal and Torres Strait Islander households owned their homes, a significant increase from 25% in 1981.[3] This positive trend reflects initiatives aimed at improving financial literacy and access to housing within Indigenous communities, although disparities still exist.
Multi-Property Ownership and Housing Stress
Multiple property ownership is also a notable feature of Australia’s real estate market, with 21% of households owning at least one other property beyond their primary residence.[1] Investment in property remains a popular strategy for wealth building, even as it contributes to higher demand and property prices.
As of November 2024, 47% of homeowners report struggling to meet mortgage payments, indicating widespread housing stress.[4] This figure highlights the financial pressures many households experience due to interest rate hikes and economic uncertainties.
State and Territory Home Ownership Rates
Home ownership rates vary by state and territory, as shown in the table below [5]:
Header | Homeowners Owners | Renters |
|---|---|---|
NSW | 64% | 33% |
VIC | 68% | 29% |
QLD | 64% | 35% |
WA | 69% | 28% |
SA | 69% | 30% |
TAS | 68% | 29% |
NT | 59% | 40% |
ACT | 69% | 28% |
The Housing Market and Future Prospects
In the September 2024 quarter, Australians spent over $178 billion on residential real estate, an 11% increase from the same period in 2023.[6] This level of investment highlights the continued demand for property in Australia, despite affordability challenges.
Conclusion
The landscape of home ownership in Australia is evolving, reflecting shifts in affordability, generational behaviour, and market dynamics. While ownership rates remain relatively high, young Australians, renters, and those facing housing stress reveal the complex realities of today’s property market. These statistics highlight the importance of policies that address housing affordability and support those striving for home ownership. As Australians continue to navigate these challenges, the importance of stable housing remains at the forefront of financial security and wellbeing.
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